Perfect Competition
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Why are businesses that operate in a perfectly competitive market considered "price takers"?
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Solution Summary
Solution discusses why businesses operating in perfectly competitive market are price takers.
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A perfectly competitive market is characterized by large number of sellers who sell homogeneous products i.e products cannot be differentiated. Size of each firm is very small as compared to market size. Thus ...
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- BEng (Hons) , Birla Institute of Technology and Science, India
- MSc (Hons) , Birla Institute of Technology and Science, India
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